Full Text

cartel

John O'Connell

Extract

When individuals, organizations, or countries form a group in order to regulate the supply and therefore the price of a commodity, the group is referred to as a cartel. Although cartels are illegal in some countries, international business has produced a number of cartels. Probably the most notable cartel is the Organization of Petroleum Exporting Countries (OPEC). OPEC has been in the news for years because of its attempts to restrict production of oil among member countries, thereby supporting the world price. OPEC members include Algeria, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. ( 1989 ). International Business . Chicago, IL : Dryden Press . ... log in or subscribe to read full text

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